Debits/Credits- Specific Accounts Flashcards by Mike Merriam

Q

Accounts Payable

A

Liability

Credits increase

Debits decrease

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Q

Accounts Receivable

A

Asset

Debits increase

Credits decrease

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Q

Accumulated Depreciation

A

Contra Asset

Credits increase

Debits decrease

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Q

Advertising Expense

A

Expense

Debits increase

Credits decrease

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Q

Allowance for Uncollectible Accounts

A

Contra Asset

Credits increase

Debits decrease

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Q

Amortization Expense

A

Expense

Debits increase

Credits decrease

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Q

Available for Sale Securities

A

Asset

Debits increase

Credits decrease

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Q

Bonds Payable

A

Liability

Credits Increase

Debits Decrease

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Q

Building

A

Asset

Debits increase

Credits decrease

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Q

Capital Stock

A

Equity

Credits increase

Debits decrease

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Q

Cash

A

Asset

Debits increase

Credits decrease

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Q

Cash over

A

Revenue

Credits increase

Debits decrease

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Q

Cash short

A

Liability

Credits increase

Debits decrease

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Q

Charitable Contributions Payable

A

Liability

Credits increase

Debits decrease

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Q

Common Stock

A

Equity

Credits increase

Debits decrease

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Q

Currency Exchange Loss

A

Loss

Debits increase

Credits decrease

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Q

Depreciation Expense

A

Expense

Debits increase

Credits decrease

Q

Discount on Bonds Payable

A

Liability

Credits increase

Debits decrease

Q

Discount on Notes Payable

A

Contra liability

Debits increase

Credits decrease

Q

Dividend Income

A

Revenue

Credits increase

Debits decrease

Q

Dividends

A

Dividend

Debits increase

Credits decrease

Q

Dividends Payable

A

Liability

Credits increase

Debits decrease

Q

Employee Benefit Expense

A

Expense

Debits increase

Credits decrease

Q

Equipment

A

Asset

Debits increase

Credits decrease

Federal Income Tax Payable

Liability Credits increase Debits decrease

Federal Unemployment Tax Payable

Liability Credits increase Debits decrease

Freight in

Part of calculation of net purchase (expense) Debits increase Credits increase

Freight out

Expense Debits increase Credits decrease

Fuel expense

Expense Credits increase Debits decrease

Gain

Gain Credits increase Debits decrease

Health/child flex payable

Liability Credits increase Debits decrease

Income summary

Not a financial statement account. Only used during close out. Credit for total revenue Debit for total expense

Insurance expense

Expense Debits increase Credits decrease

Insurance payable

Liability Credits increase Debits decrease

Interest expense

Expense Debits increase Credits decrease

Interest income

Revenue Credits increase Debits decrease

Interest payable

Liability Credits increase Debits decrease

Interest receivable

Asset Debits increase Credits decrease

Inventory

Asset Debits increase Credits decrease

Investment in bond

Asset Debits increase Credits decrease

Investment income

Revenue Credits increase Debits decrease

Investment

Asset Debits increase Credits decrease